ASREB Exam Questions With Complete Solutions.

ASREB Exam Questions With Complete Solutions. Salesperson is working for a principal, but the salesperson exceeds authority in agreement. Principal does nothing to correct the actions, and the public is led to believe the actions were okay. Agency? Estoppel Amount stated in a purchase contract in case the buyer breaches is called: Liquidated In a sublease with a positive leasehold who benefits from excess rent? Sub-lessor Property taxes are 1,525. 1st half paid by seller closes November 2nd 512.57 Debit seller, credit buyer (518.07) Deed of trust is created, it also needs: Note Consumer financial protection bureau is governing Savings & Loan Associations Fixed rate 30 year loan is partially prepaid, has an effect on Shortening the life of the loan Buyers interest in a purchase contract is assigned to 3rd party, sellers' permission Never Required Apt. 2 units :900, 2550 2,030 90,000 1500 + 6% annum 427.50 Sell house for 113,000 7% VA Loan 110,000 2 ½ points termite inspection 29,840 Commissioner may issue cease and desist on all but Appeal to Advisory Board Low income loans GNMA Closing statement not pro-rated Security deposit What is not required on brokerage receipt brokerage name Brokers are required to have all except: Trust Account Not appear on public report Market Value Taxes are 915 a year, seller paid 1st half on October 1, close escrow on 11/16 340 Debit Seller Relationship of Licensee to Broker General Sell June 6th, Water Bill $86 and taxes are $778 437 Credit Seller, 492 Debit Buyer Life Tenant Holds Fee Simple Couplings Home Inspectors/Arizona Board of Technical Registration When a broker moves their office the sign must be removed Immediately Property closes on June 15, using 365 days credit to the seller when 1200 was paid 657.54 When you appraise land and ad it to the depreciated value of the improved property, what appraisal approach is being used Cost Term used by surveyors Benchmark Right to license agents legislature Law that requires non-resident aliens to pay gains FIRPTA 160,000 property Evans, Cains 155,000. Cain paid 5,000 taxes are assessed on Evan pays 5,000 Sale leaseback occurs Buyer is landlord Type of deed is not necessarily evidence of title Quite Claim Deed Commerical lease what limits increases in cost Expense stop Who pays discount points on VA loan Buyer Rectangular property 8690 yards has 318 front feet. How deep? 245 Feet Which of the following is not fee simple absolute interest? Lessee with long term lease Buying rental property appraised using? Income Approach Required to complete ADEQ notice on site wastewater facility Buyer Assessments for PI Placed on Realty Based Pro Rata Share Cost of Improvements Real estate device which doesn't transfer legal title but does place equitable title to buyer Agreement for sale Contiguous Means Parcels Land Connected Bait and Switch Truth in Lending Act Highest Form Fee Simple Listing my be assigned By listing Broker to another salesperson Concept that info given a client's agent has been given to the client is known as Imputed Notice How many acres in SE4 SW4; NW4 and SE4; N2 S2 Section 22 320 Which of the following isn't an appurtenance and doesn't pass with warranty deed Trade Fixture Which of the following is not correct 1/4 miles = 1/16 section Bought 189.500 paid 2700 closing cost put 30,000 in improvements, selling 249,000 with 5% commission 12,350 Licensed Mortgage Loan Originators registered Nation MLS Lender required to give under RESPA Loan estimate and disclosure Loan that doesn't meet Frannie Mae or Freddie Mac Guidelines Non-conforming Seller wants to net 175,000 after paying 6% to the listing 186,670 The homestead exemption protects which? Equity in principal home You borrow 90,000 at 9% for 20 years monthly payment is 900 total amount interested after 20 years 126,000 House is rented for 980 a month. House is sold and closes April 15th. Pro ration 522.7 debit seller and credit buyer Seller gives a salesperson the right to sell and make all other decisions regarding the property Ostensible Sales person works for Broker A and has contracts in escrow. Sales person leaves broker A and joins Broker B Broker A pays salesperson directly Who must sign the deed Grantor Which sections are contiguous to 6 1 and 7 Adverse Possession Involuntary Alienation If a loan is assumed, what happens to the ALTA policy Still in effect All of the following statements are true regarding depreciation except Building can only be depreciated once Option to purchase is what kind of contract Unilateral What items would be exceptions to ALTA policy Zoning All of the following can be used in a developer's public report advertisement except statement which says the public report is an endorsement of the project Government checks are 24 miles squared and are defined by Baselines and Townships Which of the following is not a security instrument Note Unlike kind property received or given in a tax deferred exchange is Boot Broker hires salesperson and enters into contract with a buyer and seller. Before close of escrow the brokers license is suspended. What happens to the commission Salesperson can receive commission Broker receives rental money must deposit it into Trust Account Person selling/leasing may not discriminate solely by race Civil Rights Act 1866 Limitation of use of property by government Police Power Max number of lots without having to apply for public report only wants to sell one 5 Affidavit of value requires Sales price, grantees name and signature, grantors name and signature *ALL* Remainderman receives property after Life Estate Expresses desire to negotiate sale but non binding Option C holds life estate for his life and purchase vested remainderman Fee Simple SE Tatum proceed 2600 feet and 400 feet 700 feet what type of survey Metes and Bounds Discount points are 3% equivalent to 2700 down payment of 20% 112,500 Finance infrastructure for subdivision CFDS Landlord must give all except copy of arizona real estate and tenant act Joint and Several Liability General partnership Purpose of Trustee To foreclose on deed of trust Broker principal relationship is best described as fiduciary